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Content type: Examples
12th August 2019
In December 2018, a report, "Access to Cash", written by the former financial ombusdsman Natalie Ceeney and independent from but paid for by the cash machine network operator Link, warned that the UK was at risk of sleepwalking into a cashless society and needed to protect an estimated 8 million people (17% of the British population) who would become disadvantaged as a result. Although cash used halved between 2007 and 2017, and debit cards passed cash in share of retail transactions in 2017,…
Content type: Examples
12th August 2019
After an 18-month investigation involving interviews with 160 life insurance companies, in January 2019 New York Financial Services, the state's top financial regulator, announced it would allow life insurers to use data from social media and other non-traditional sources to set premium rates for its customers. Insurers will be required to demonstrate that their use of the information doesn't unfairly discriminate against specific customers. New York is the first state to issue specific…
Content type: Examples
1st December 2017
By 2017, facial recognition was developing quickly in China and was beginning to become embedded in payment and other systems. The Chinese startup Face++, valued at roughly $1 billion, supplies facial recognition software to Alipay, a mobile payment app used by more than 120 million people; the dominant Chinese ride-hailing service, Didi; and several other popular apps. The Chinese search engine Baidu is working with the government of popular tourist destination Wuzhen to enable visitors to…
Content type: Examples
1st December 2017
In 2015, the Swedish startup hub Epicenter began offering employees microchip implants that unlock doors, operate printers, and pay for food and drink. By 2017, about 150 of the 2,000 workers employed by the hub's more than 100 companies had accepted the implants. Epicenter is just one of a number of companies experimenting with this technology, which relies on Near Field Communication (NFC). The chips are biologically safe, but pose security and privacy issues by making it possible to track…
Content type: Examples
1st December 2017
The payday lender Wonga announced in April 2017 that a data breach at the company affected an estimated 270,000 customers, 245,000 of them in the UK and the rest in Poland. The company sent those it thought were affected messages warning that it believed there may have been illegal and unauthorised access to some of the data in their accounts. Wonga was already controversial because of the high rates of interest in charged, and findings by the UK's financial regulator that it had made loans to…
Content type: Case Study
30th August 2017
Financial services are collecting and exploiting increasing amounts of data about our behaviour, interests, networks, and personalities to make financial judgements about us, like our creditworthiness.
Increasingly, financial services such as insurers, lenders, banks, and financial mobile app startups, are collecting and exploiting a broad breadth of data to make decisions about people. This is particularly affecting the poorest and most excluded in societies.
For example, the decisions…